Global Corporate Debt Defaults Continue Apace
The pace of corporate defaults increased rapidly in fourth-quarter 2008, and it hasn’t slowed down yet this year,according to Standard & Poor’s Global Corporate Default Update.
Another four issuers defaulted last week, bringing the total to eight global corporate defaults so far in 2009, compared with 122 in all of 2008.
Of the four defaults this week, two resulted from bankruptcies–U.S.-based artificial sweetener producer Merisant Worldwide Inc. (maker of Equal), which filed for bankruptcy protection on Jan. 13, 2009, and
Canadian telecommunications equipment manufacturer Nortel Networks Corp., (Toronto: NT) which filed for bankruptcy protection on Jan. 14, 2009. The remaining two defaulters missed interest payments. These two companies are U.S. cable television provider Charter Communications Inc. (NASDAQ: CHTR) and semiconductor manufacturer Spansion Inc. (NASDAQ: SPSN).
The complete Global Corporate Default Update is available at www.ratingsdirect.com (subscription required.)
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